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Monday, April 27, 2015

Are you one of the 700 ‘missing’ Nakheel homeowners?

Are you one of the 700 ‘missing’ Nakheel homeowners? Article Reader Comments (4) By Sarah Townsend Wednesday, 15 April 2015 10:13 AM Share via facebook Tweet this Bookmark and Share . Hundreds of completed homes in Dubai are reportedly lying empty because their owners have gone missing, according to the CEO of one of the emirate's biggest developers. Government developer Nakheel revealed this week that out of 9,000 homes it has built across various projects in Dubai, 700 of them remain unclaimed. The company’s chief executive Sanjay Manchanda told 7Days newspaper that the buyers who placed deposits on the homes years ago have not come forward, and admitted he did not know where they are. “We took a resolve to deliver 9,000 units. As we speak today, 8,300 have been delivered, keys handed over (but) the remaining 700, we are still looking for the customers,” Manchanda was quoted as saying. “We are finding it difficult to establish contact [with customers]. This could be for various reasons. Maybe the person has left the country, or due to natural causes such as a death?” “Or maybe they just paid the 10 percent deposit and it’s not a major amount for them and they have forgotten about it? Or they have changed their contact information?” He added: “What can we do if they have changed their email or phone or shifted their address and not updated it?” According to 7Days, Manchanda believes the situation will be dealt with under real estate regulations. “The Dubai Land Department has very detailed rules,” he said. “Depending on the amount paid towards their unit, if the owner is not taking delivery, [the developer] can terminate the unit [agreement], retain some amount and pay the balance to the owner and resell the property.” However, the situation appears to be less clear cut if the owner has paid a 10 percent deposit or higher. Manchanda said: “If the owner has paid 10 percent towards the unit, and it’s been constructed and ready, then we cannot do anything. We have to leave it as it is. We cannot auction it. “Bottom line: we remain fully compliant with the law. If any out of the 700 still have to get their handover, they should establish contact with us.” The Dubai Land Department was contacted for comment. Related: . Stories Postdated cheques 'work wonders' for us, says Nakheel . . Nakheel says Dubai Metro extension will add value to its homes . . Nakheel's Dragon City to boost UAE-China trade, says envoy . . Dubai's Nakheel plans $3.81bn projects over next three years . . Nakheel CEO bans recording of speech to entrepreneurs . .. Companies Nakheel - UAE . .. Also in Property Dubai real estate transactionss total $17.4bn in Q1 . . Revealed: Dubai’s top 10 most luxurious golf properties . .. Also in UAE Top UAE tycoon urges new rules on succession for family businesses . . Dubai's Topaz said to be close to securing $550m loan . .. Join the Discussion Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers. Please post responsibly. Commenter Rules Posted by: Sak Saturday, 18 April 2015 10:01 AM[UAE] - uae Rubbish.... The law is simple and very clear. They can easily cancel the contract for any body who is paid up until 40% and even beyond that. There is something else to this article than it shows. Posted by: Raj Saturday, 18 April 2015 8:15 PM[UAE] - uae What is the law if one has paid 20% only and dont have the funds now as Nakheel has delayed in deilver Is legal action possible? Reply to this comment. Posted by: Amir Thursday, 16 April 2015 12:50 PM[UAE] - USA This seems to be very odd that Nakheel has not cancelled the sales agreements after the buyers failed to keep up with the instalments and taking the deposits as a compensation. Reply to this comment. Posted by: Tareq Wednesday, 15 April 2015 3:36 PM[UAE] - UAE Let me guess, now Nakheel are after late handover fees? I'm guessing these villas will be in Furjan and Jumeirah Park and have been ready for two years. So, basically after two years the cost of late handover fees will be more or less the price of buying another villa. Still a mystery why no one is showing up? Maybe if Nakheel propose to waive the late fees and impose a flat AED50K for later delivery some of these people will reappear.

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